The cryptocurrency market has witnessed a significant rise in the number of hardware wallets available in recent years, all claims to keep digital assets safe and secure. The Ellipal wallet is the latest entrant in this field and hopes to differentiate from its competitors by offering an entirely separate solution. As cryptocurrency usage is becoming more widespread it is becoming more important to safe storage of digital assets becomes more crucial. Ellipal wallet Ellipal wallet is a device that stores the private key to digital assets offline to prevent hackers from taking the keys from a remote location.
Ellipal, the company behind the hardware wallet is a relatively young company on the market. The company raised $55K via an Indiegogo campaign to help fund research and development for their products. The website of the company and its online reviews state that their hardware wallet is completely secure, however, it’s important to keep in mind that hardware wallets of rival businesses like TREZOR as well as Ledger are made in a way that no attacker from outside is able to access your private keys. In the event that, for instance, the TREZOR is connected TREZOR on a compromised computer which is infected by viruses, your private keys are still protected and safe.
The Ellipal wallet is unique in its design. It is completely unconnected to any computer or network, meaning it has no wired or wireless connectivity. Instead, it communicates through QR codes through an image camera at the rear end. This makes it a highly secure choice as it removes the possibility of hackers gaining access to the private key by a network connection. It’s important to note that this could mean that the Ellipal wallet isn’t as user-friendly as other wallets that are hardware-based that can be linked to a computer for simple transactions.
The Ellipal wallet retails for $149. It is relatively brand new in the marketplace, which implies that it isn’t tested in battle yet. This is something potential buyers need to keep in mind when considering purchasing the Ellipal wallet. In comparison, both leading hardware wallet manufacturers today (TREZOR and Ledger) have been in business for longer and have a established track records of security.
Regarding support for coins in terms of coin support, the Ellipal wallet supports only a small number of coins, including Bitcoin, Ethereum, Litecoin along with ERC20 tokens. It is lower than the coins supported by its competitors, TREZOR and Ledger, which might be a worry for some customers. However, the company is currently working on adding support for more coins in the future.
In conclusion, it is clear that the Ellipal device is an fresh competitor in the market of hardware wallets and promises that it is 100% secure due to its complete inaccessibility to any network or computer. The company behind it is new and the product has not been battle-tested yet. The Ellipal wallet supports the use of a small number of coins and its price of $149 is on par with other wallets. While the idea of a totally exclusive hardware wallet is appealing, it’s important to consider the security and track record measures of other hardware wallets before making a choice. In the end, the decision on whether or not the Ellipal wallet is worth the cost is up to the person who buys it. It’s a very secure option that has a modern design but it’s not as convenient in use as the other wallets. It’s also an all-new product that’s available.